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European Bonds Lure U.S. Bargain Hunters

Some Investors Bet on Beaten-Down Corporate Debt Denominated in Euros

Europe's sovereign-debt crisis has sent many portfolio managers fleeing the region. But some intrepid U.S. investors are venturing across the pond to snap up corporate bonds at cut-rate prices.

Some are buying junk-rated bonds of European companies. Others are taking advantage of a growing price gap between European and U.S. bonds of international companies such as Levi Strauss and Hertz Global Holdings. And some even say there is money to be made in debt of Greek banks.